Demonetisation: Government sets up panel to look into cash woes of NRIs, diplomats

Demonetisation: Government sets up panel to look into cash woes of NRIs, diplomats

Flooded with queries and clarification by foreign missions in New Delhi, Indian expatriates, money changers abroad as well as foreigners travelling to India over the demonetisation drive, the government has formed an inter-ministerial committee to

India TV News Desk, New Delhi [Updated:18 Nov 2016, 7:37 AM IST]

Vikas SwarupPhoto:PTI

Flooded with queries and clarification by foreign missions in New Delhi, Indian expatriates, money changers abroad as well as foreigners travelling to India over the demonetisation drive, the government has formed an inter-ministerial committee to address their difficulties.

Foreign ministry spokesman Vikas Swarup said the ministry had received three or four types of queries on the issue of demonetisation of Rs500 and Rs1,000 notes announced by Prime Minister Narendra Modi on 8 November to crack down on tax evaders.

"The department of economic affairs has now formed an inter-ministerial committee headed at the level of an additional secretary. A senior joint secretary from the ministry of external affairs is also a member of that committee and we await their guidance, their advice and their recommendation which can then be shared with those various categories who have approached us," said MEA spokesperson Vikas Swarup.

"Some (foreign missions here) have wanted to know if they could collect consular and visa fees in old notes. If so collected, they have sought to know how will those be exchanged," said Swarup.

The second set of issues, he said, was related to NRIs having cash, or those holding Indian currency abroad. "If somebody has money abroad, and is not travelling to India immediately, what happens? How does he get new notes for those old notes?"

The third set of issues is by the money changer associations abroad. This is quite interesting because we don't have full convertibility...So, they have asked us the same question that what they would do with the stacks they have. How do they convert those?," the spokesperson added.

According to the ministry, foreign visitors and tourists, particularly those coming for medical tourism, had asked MEA about some very specific requirements which needed to be looked into.